The global sales intelligence market is expected to grow from USD 2.0 billion in 2019 to USD 3.4 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 11.4% during the forecast period. Factors that drive the market growth of the sales intelligence market are imminent need for advanced software to improve customer targeting and connect rates, and growing demand for data enrichment software to improve sales conversions.
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Services segment to grow at a higher CAGR during the forecast period
The services segment is expected to grow at a higher CAGR during the forecast period due to the need of constant guidance throughout the planning and implementation process, training, and support among enterprises, during the product deployment life cycle. Services enable companies to choose the right set of software as well as helps them deploy software correctly and operate them without hassle.
North America to account for the largest market size during the forecast period
Many companies in North America are adopting sales intelligence software to gain holistic visibility into their customers’ and prospects’ needs for improving their targeting strategies and sales productivity. North America is house to some of the major sales intelligence vendors, such as DiscoverOrg, Dun & Bradstreet, LinkedIn, Oracle, Demandbase, InsideView, Clearbit, HG Insights, ,LeadGenius, InfoGroup, Zoho and UpLead. These players have their headquarters, direct sales offices, and a large number of channel partners in the region to cater to North America, which has further added to the high adoption of sales intelligence software in this region.
Dun & Bradstreet (US) is among the leaders in the sales intelligence market with a prominent geographic presence. The company has alliances with many leading companies that have acquired various companies to enhance its sales intelligence offering. For instance, in July 2019, Dun & Bradstreet acquired Lattice Engines, an AI-powered Customer Data Platform (CDP), to provide customers with full access to data and insights in the Dun & Bradstreet Data Cloud and identity resolution capabilities combined with Lattice Engines’ AI and analytics-enabled CDP. The Lattice Engines’ precision engine easily segments audiences and provides next best actions.
DiscoverOrg (US) has a strong foothold in the sales intelligence market with robust offerings and high-level Business to Business (B2B) contact and company data. It has adopted various organic growth strategies and has continued to enhance its expertise in the sales intelligence market through constant acquisitions and partnerships. For instance, in February 2019, DiscoverOrg acquired a sales intelligence platform provider, ZoomInfo, to create a comprehensive B2B intelligence platform by combining ZoomInfo’s contact database of 100 million business professionals with its prospect intelligence software.
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